Stock Abbreviation: Sihui Fuji
Stock Code: 300852
Sihui Fuji Electronics Technology Co., Ltd.
(Xiya Lang, Longwan Village, Xiamao Town, Sihui City)
Response to the Audit Inquiry Letter Regarding the Application of Sihui Fuji Electronics Technology Co., Ltd. for Issuance of Shares to Specific Objects
Sponsor (Lead Underwriter)
(No. 8 Puming Road, China (Shanghai) Pilot Free Trade Zone)
July 2026
Shenzhen Stock Exchange:
In accordance with the "Audit Inquiry Letter Regarding the Application of Sihui Fuji Electronics Technology Co., Ltd. for Issuance of Shares to Specific Objects" (Audit Letter [2026] No. 020052) issued by your exchange on July 1, 2026, Sihui Fuji Electronics Technology Co., Ltd. (hereinafter referred to as "Sihui Fuji", "the Company", or "the Issuer"), together with the sponsor Guolian Minsheng Investment Banking Company Limited (hereinafter "the Sponsor"), Beijing Guantao Law Firm (hereinafter "Issuer's Counsel"), and Lixin Certified Public Accountants (Special General Partnership) (hereinafter "the Accountant"), have carefully reviewed and implemented the issues involved in the inquiry letter. Simultaneously, in accordance with the requirements of the inquiry letter, the "Prospectus for the Issuance of A-Shares to Specific Objects by Sihui Fuji Electronics Technology Co., Ltd." (hereinafter "the Prospectus") and other application documents have been revised and supplemented. The response is as follows, please review.
Unless otherwise specified, the abbreviations in this response report have the same meanings as those defined in the "Definitions" section of the Prospectus. The fonts used correspond to the following content:
| Font | Meaning |
|---|---|
| Bold | Questions listed in the audit inquiry letter |
| Songti | Responses to the questions listed in the audit inquiry letter |
| Bold Italics | Revisions to the application documents such as the Prospectus |
Unless otherwise specified, all numerical values in this response report are rounded to two decimal places. Any discrepancies between the total and the sum of individual items are due to rounding.
Table of Contents
Problem 1: 2
Problem 2: 61
Other Matters: 63
Problem 1
I. According to the application materials, the Company intends to raise no more than 950 million yuan (inclusive) through this issuance of shares to specific objects. After deducting issuance expenses, the funds are intended for the "New Project for High-Reliability Circuit Boards with an Annual Output of 5.58 Million Square Meters — Annual Output of 600,000 Square Meters of High-Layer and HDI Circuit Board Project (Phase I)", which will produce high-layer and HDI circuit boards for servers, optical modules, industrial control, and automotive electronics. The post-tax static investment payback period for the project is 7.49 years (including the construction period), and the post-tax internal rate of return is 13.65%. Fixed asset investment accounts for 90.04% of the total amount. During the reporting period, the Company's gross margin for its main business has gradually declined, reaching 24.55%, 19.03%, and 16.45%, respectively.
The Company's previous fundraising project involved the issuance of convertible bonds to unspecified objects in 2023, with net proceeds of 562 million yuan, used for the "Phase I of the High-Reliability Circuit Board Expansion Project with an Annual Output of 1.5 Million Square Meters (Annual Output of 800,000 Square Meters of Circuit Boards)" and for supplementing working capital. As of March 31, 2026, 433 million yuan of the previous proceeds had been used, accounting for 76.97% of the net proceeds. The Company extended the equipment investment completion time for the previous project from December 2025 to December 2026, and the production reaching capacity time from December 2026 to December 2027.
Since six months prior to the board resolution date of this issuance, the Company has implemented financial investments in the form of R3-rated wealth management products purchased with its own funds, totaling 20 million yuan.